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Restructuring charges: Severance and other employee-related costs $ 24 Other restructuring charges1 22 Restructuring charges 46 Other charges2 14 Total restructuring and other charges $ 60
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Year Ended April 30, 2025 2026 ────────────────────────────────────────────────────────────────────────────────── Restructuring charges: Severance and other employee-related costs $ 24 $ 7 Other restructuring charges1 22 12 Restructuring charges 46 19 Other charges2 14 — Total restructuring and other charges $ 60 $ 19
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Three Months Ended July 31, (Dollars in millions) 2025 2026 ────────────────────────────────────────────────────────────────────────────────────────── Restructuring charges: Severance and other employee-related costs $1 $ Other restructuring charges1 11 — Total restructuring and other charges $12 $
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On January 13, 2025, our Board of Directors approved the restructuring initiative. The actions associated with the restructuring initiative were implemented in fiscal 2025 and substantially completed during fiscal 2026. We have now completed these actions and do not expect to incur any additional restructuring charges related to the restructuring initiative.
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“Restructuring initiative.” During the first quarter of fiscal 2026, we incurred $12 million in restructuring and other charges associated with the restructuring initiative and completed the sale of Brown-Forman Cooperage facility and related assets. The actions associated with this initiative were substantially completed during fiscal 2026. This adjustment removes the restructuring initiative impact from our operating expenses and operating income for the first quarter of fiscal 2026.
Read in the filing ↗ Also in 10-Q of Sep 2, 2026
There was no significant activity in our accrued restructuring costs relating to costs paid during the three months ended July 31, 2026. As of July 31, 2026, our accrued restructuring costs consisted of $ 1 million of severance and other employee-related costs and $ 8 million of other restructuring charges.
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1This adjustment comprises $60 million of costs included in restructuring and other charges and $3 million of restructuring-related inventory charges included in cost of sales.
Read in the filing ↗ Also in 8-K of Jun 5, 2025, 8-K of Jun 4, 2026
1This amount comprises $60 million of costs included in restructuring and other charges and $3 million of restructuring-related inventory charges included in cost of sales.
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The following table summarizes the restructuring and other charges recognized during the three months ended July 31, 2025, as well as the activity in our accrued restructuring costs:
Read in the filing ↗ Also in 10-Q of Sep 2, 2026
* Operating expenses include advertising expenses, SG&A expenses, restructuring and other charges, and other expenses (income), net. 16 reducing our workforce by approximately 12% and closing the Louisville-based Brown-Forman Cooperage. We also offered a special, one-time early retirement benefit to qualifying U.S. employees. During the first and second quarters of fiscal 2026, we incurred $16 million in restructuring and other charges associated with this initiative and completed the sale of the Brown-Forman Cooperage facility and related assets. Comparatively, we incurred $2 million in related restructuring and other charges in the second quarter of fiscal 2025, prior to the restructuring initiative’s announcement. This adjustment removes the restructuring initiative impact from our operating expenses and operating income for the second quarter of fiscal 2025 and the first half of fiscal 2026.
Read in the filing ↗ Also in 8-K of Aug 28, 2025, 8-K of Mar 4, 2026, 10-Q of Sep 2, 2026, 8-K of Mar 5, 2025
Brown-Forman Cooperage facility and related assets. Comparatively, we incurred $2 million in related restructuring and other charges in the second quarter of fiscal 2025, prior to the restructuring initiative’s announcement. This adjustment removes the restructuring initiative impact from our operating expenses and operating income for the second quarter of fiscal 2025 and the first half of fiscal 2026. See Note 6 to the Condensed Consolidated Financial Statements for more information.
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We expect to incur aggregate restructuring charges of approximately $ 64 to $ 70 million in connection with these actions, consisting primarily of approximately $ 28 to $ 30 million in severance and other employee-related costs and approximately $ 36 to $ 40 million in other restructuring costs, including costs related to the Louisville-based Brown-Forman Cooperage facility closure and consulting services associated with the restructuring actions. Through October 31, 2025, we recognized $ 64 million of restructuring and other charges associated with these actions, comprising $ 62 million in restructuring charges and $ 2 million in other charges for asset impairments. We also recorded $ 3 million in charges in fiscal 2025 to adjust the carrying value of certain Brown-Forman Cooperage inventory to the amount we expected to realize upon disposal (included in cost of sales in our consolidated statement of operations). As of October 31, 2025, $ 48 million of the charges to be settled in cash have been paid.
Read in the filing ↗ Also in 10-Q of Mar 4, 2026
“Restructuring initiative.” During fiscal 2025, our Board of Directors approved a plan to reduce our structural cost base and realign resources toward future sources of growth. This included reducing our workforce by approximately 12% and closing the Louisville-based Brown-Forman Cooperage. We also offered a special, one-time early retirement benefit to qualifying U.S. employees. In fiscal 2025, we incurred $63 million * in charges related to the restructuring initiative. During fiscal 2026, we incurred $19 million in restructuring and other charges associated with this initiative and completed the sale of Brown-Forman Cooperage facility and related assets. This adjustment removes the restructuring initiative impact from our cost of sales, operating expenses and operating income for the periods presented.
Read in the filing ↗ Also in 10-K of Jun 12, 2026
The following table summarizes the restructuring and other charges recognized in fiscal 2025:
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$19 million in restructuring and other charges associated with this initiative and completed the sale of the Brown-Forman Cooperage facility and related assets. Comparatively, we incurred $33 million in related restructuring and other charges in the second and third quarters of fiscal 2025. This adjustment removes the restructuring initiative impact from our operating expenses and operating income for the second and third quarters of fiscal 2025 and the first nine months of fiscal 2026. See Note 6 to the Condensed Consolidated Financial Statements for more information.
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We incurred aggregate restructuring and other charges of $ 67 in connection with these actions, consisting of $ 31 in severance and other employee-related costs, $ 34 in other restructuring charges primarily related to the Brown-Forman Cooperage facility closure and consulting services associated with the restructuring actions, and $ 2 in other charges for cooperage asset impairments. In 2025, we also recorded $ 12 in other charges associated with a special one-time early retirement benefit and $ 3 in charges to adjust the carrying amount of certain Brown-Forman Cooperage inventory to the amount we expected to realize upon disposal (included in cost of sales in our consolidated statement of operations). As of April 30, 2026, $ 56 of the restructuring charges to be settled in cash have been paid.
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1“Other items” includes “restructuring initiative.” See “Non-GAAP Financial Measures” above for additional details.
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The following table summarizes the restructuring and other charges recognized in 2025 and 2026, respectively:
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The charges we currently expect to incur in connection with the Restructuring Initiative are subject to a number of assumptions and risks, and actual results may differ materially. We may also incur other material charges not currently contemplated due to events that may occur as a result of, or in connection with, the Restructuring Initiative.
Read in the filing ↗ Also in 10-Q of Aug 28, 2025, 10-Q of Dec 4, 2025, 10-Q of Mar 4, 2026
We incurred aggregate restructuring and other charges of $ 67 million in connection with these actions, consisting of $ 31 million in severance and other employee-related costs, $ 34 million in other restructuring charges primarily related to the Brown-Forman Cooperage facility closure and consulting services associated with the restructuring actions, and $ 2 million in other charges for cooperage asset impairments. In fiscal 2025, we also recorded $ 12 million in other charges associated with a special, one-time early retirement benefit and $ 3 million in charges to adjust the carrying amount of certain Brown-Forman Cooperage inventory to the amount we expected to realize upon disposal (included in cost of sales in our consolidated statement of operations). As of July 31, 2026, $ 56 million of the restructuring charges to be settled in cash have been paid.
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1Operating expenses include advertising expense, SG&A expense, restructuring and other charges, and other expense (income), net.
Read in the filing ↗ Also in 10-K of Jun 13, 2025, 10-Q of Aug 28, 2025, 10-Q of Aug 28, 2025, 10-Q of Aug 28, 2025, 10-Q of Dec 4, 2025, 10-Q of Dec 4, 2025, 10-Q of Mar 4, 2026, 10-Q of Mar 4, 2026
1“Other items” includes “JDCC” and “restructuring initiative.” See “Non-GAAP Financial Measures” above for additional details.
Read in the filing ↗ Also in 10-K of Jun 13, 2025, 10-K of Jun 13, 2025
• The company incurred $12 million in charges related to the strategic restructuring initiative announced in January 2025.
Read in the filing ↗ Also in 8-K of Dec 4, 2025, 8-K of Mar 4, 2026, 8-K of Jun 4, 2026
2Total operating expenses include advertising expense, SG&A expense, restructuring and other charges, and other expense (income), net.
Read in the filing ↗ Also in 10-Q of Dec 4, 2025, 10-Q of Mar 4, 2026
3Total operating expenses include advertising expenses, SG&A expenses, restructuring and other charges, and other expense (income), net.
Read in the filing ↗ Also in 10-Q of Sep 2, 2026
• A series of strategic restructuring initiatives designed to position the company for future growth resulted in charges of $63 million.
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1“Other items” includes “restructuring initiative,” “foundation,” and “franchise tax refund.” See “Non-GAAP Financial Measures” above for additional details.
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1“Other Items” includes “substitution drawback claims,” “restructuring initiative,” and “JDCC transition.” See “Non-GAAP Financial Measures” for additional details.
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We expect to incur aggregate charges of approximately $ 60 to $ 70 million in connection with these actions, consisting primarily of approximately $ 27 to $ 32 million in severance and other employee-related costs and approximately $ 33 to $ 38 million in other restructuring costs, including costs related to the Louisville-based Brown-Forman Cooperage facility closure and consulting services associated with the restructuring actions. Through July 31, 2025, we recognized $ 60 million of restructuring and other charges associated with these actions, comprising $ 58 million in restructuring charges and $ 2 million in other charges for asset impairments. We also recorded $ 3 million in charges in fiscal 2025 to adjust the carrying value of certain Brown-Forman Cooperage inventory to the amount we expected to realize upon disposal (included in cost of sales in our consolidated statement of operations). As of July 31, 2025, $ 42 million of the charges to be settled in cash have been paid.
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1“Other items” includes “restructuring initiative,” “foundation,” “franchise tax refund,” and “JDCC.” See “Non-GAAP Financial Measures” above for additional details.
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1Operating expenses include advertising expenses, SG&A expenses, restructuring and other charges, other intangible assets impairment, and other expense (income), net.
Read in the filing ↗ Also in 10-K of Jun 12, 2026
1“Other items” includes “substitution drawback claims,” “franchise tax refund,” and “restructuring initiative.” See “Non-GAAP Financial Measures” above for additional details.
Read in the filing ↗ Also in 10-Q of Aug 28, 2025, 10-Q of Dec 4, 2025, 10-Q of Dec 4, 2025, 10-Q of Mar 4, 2026, 10-Q of Mar 4, 2026
1“Other items” includes “restructuring initiative,” “substitution drawback claims,” and “franchise tax refund.” See “Non-GAAP Financial Measures” above for additional details.
Read in the filing ↗ Also in 10-K of Jun 12, 2026
2Total operating expenses include advertising expenses, SG&A expenses, restructuring and other charges, other intangible assets impairment, and other expense (income), net.
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• The company incurred $63 million in charges related to the restructuring program announced in January 2025. The restructuring initiatives include a 12% workforce reduction, the closure of the Louisville-based Brown-Forman Cooperage, and an early retirement benefit offered to qualifying U.S. employees. The charges comprise $60 million presented as “restructuring and other charges” and $3 million included in cost of sales. These restructuring costs are in line with expectations and should deliver $70 to $80 million in annualized savings to invest in future growth. 3 • Operating income declined 22% (+3% organic) with an operating margin decrease of 600 basis points to 27.9%. The decrease was primarily due to the absence of the gains from our divested brands, the decline in gross margin, and a non-cash impairment charge in the fourth quarter related to the Gin Mare brand name, partially offset by lower operating expenses, including the favorable fair value adjustment to Gin Mare’s contingent consideration liability.
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We expect to incur aggregate charges of approximately $ 60 to $ 70 in connection with these actions, consisting primarily of approximately $ 27 to $ 32 in severance and other employee-related costs and approximately $ 33 to $ 38 in other restructuring costs, including costs related to the Louisville-based Brown-Forman Cooperage facility closure and consulting services associated with the restructuring actions. Through April 30, 2025, we recognized $ 48 of restructuring and other charges associated with these actions, comprising $ 46 in restructuring charges and $ 2 in asset impairments included in other charges. The remaining $ 12 in other charges represents costs associated with a special one-time early retirement benefit. We also recorded $ 3 in charges to adjust the carrying value of certain Brown-Forman Cooperage inventory to the amount we expect to realize upon disposal. These charges are included in cost of sales in our consolidated statement of operations. As of April 30, 2025, $ 27 of the charges to be settled in cash have been paid.
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The following table summarizes the restructuring and other charges recognized during the three months and six months ended October 31, 2024, and 2025, respectively.
Read in the filing ↗ Also in 10-Q of Mar 4, 2026
* “Other Items” in gross profit includes “JDCC transition.” “Other Items” in operating expenses includes “substitution drawback claims,” “restructuring initiative,” and “JDCC transition.” See “Non-GAAP Financial Measures” for additional details.
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“Restructuring initiative.” During the third quarter of fiscal 2025, our Board of Directors approved a plan to reduce our structural cost base and realign resources toward future sources of growth. This included
Read in the filing ↗ Also in 8-K of Mar 4, 2026, 10-Q of Aug 28, 2025, 10-Q of Dec 4, 2025, 8-K of Aug 28, 2025
• SG&A expense was flat for the three months ended October 31, 2025, as lower compensation-and-benefit-related expenses following our restructuring initiative were offset by the negative effect of foreign exchange.
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• Sel ling, general, and administrative (SG&A) expenses decreased 1% (-2% organic) driven by lower compensation-and-benefit-related expenses following our restructuring initiative, partially offset by the negative effect of foreign exchange.
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Below, we discuss the significant developments in our business during fiscal 2024 and fiscal 2025. These developments relate to divestitures, Gin Mare impairment and earn-out valuation, the restructuring initiative, innovation, and capital deployment.
Read in the filing ↗ Also in 10-K of Jun 12, 2026
• SG&A expense decreased 3% for the six months ended October 31, 2025, driven by lower compensation-and-benefit-related expenses following our restructuring initiative, partially offset by the negative effect of foreign exchange.
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• SG&A expense decreased 1% for the nine months ended January 31, 2026, driven by lower compensation-and-benefit-related expenses following our restructuring initiative, partially offset by the negative effect of foreign exchange.
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As discussed in Note 6, our Restructuring Initiative included the planned closure of our Louisville-based Brown-Forman Cooperage. In January 2025, we reached an agreement to close that facility and sell the related assets.
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• The company incurred $33 million of restructuring and other charges related to the company's workforce reduction, the announced closure of the Louisville-based Brown-Forman Cooperage, and the early retirement benefit offered to qualifying U.S. employees.
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Cooperage facility and related assets. This adjustment removes the restructuring initiative impact from our operating expenses and operating income for the first quarter of fiscal 2026. See Note 6 to the Condensed Consolidated Financial Statements for more information.
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During fiscal 2025, our Board of Directors approved a plan to reduce our structural cost base and realign resources toward future sources of growth. This included reducing the company’s workforce by approximately 12% and closing the Louisville-based Brown-Forman Cooperage. We also offered a special one-time early retirement benefit to qualifying U.S. employees. These initiatives resulted in charges of $63 million in fiscal 2025. This comprises $60 million of costs included in restructuring and other charges and $3 million of restructuring-related inventory charges included in cost of sales. See Note 6 to the Consolidated Financial Statements for more information.
Read in the filing ↗ Also in 10-K of Jun 12, 2026
Operating expenses totaled $297 million, an increase of $5 million, or 2%. The increase in operating expenses was driven by the absence of prior-year substitution drawback claims and higher SG&A expenses, partially offset by the absence of the prior-year restructuring initiative costs and lower advertising expenses.
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• Operating income decreased 10% (-2% organic) resulting in an operating margin decrease of 240 basis points to 25.5%. The operating margin decrease was driven by higher non-cash impairment charges and higher SG&A expenses, partially offset by lower restructuring initiative costs compared to the same prior-year period.
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• Operating income declined 13% (+5% organic) with an operating margin decrease of 300 basis points to 29.3%. The decrease was primarily due to the decline in gross margin, the absence of the gain on sale of the Finlandia vodka business, and restructuring and other charges, partially offset by lower SG&A and advertising expenses.
Read in the filing ↗ Also in 8-K of Aug 28, 2025
• Operating income was flat (-3% organic) resulting in an operating margin increase of 70 basis points to 30.0%. The operating margin increase was led by the benefit of the substitution drawback claims 2 and the impact of lower restructuring initiative costs, SG&A, and advertising expenses, partially offset by the decline in gross profit.
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During the third quarter of fiscal 2025, our Board of Directors approved a plan to reduce our structural cost base and realign resources toward future sources of growth. This included reducing our workforce by approximately 12% and closing the Louisville-based Brown-Forman Cooperage. We also offered a special, one-time early retirement benefit to qualifying U.S. employees. During the first nine months of fiscal 2026, we incurred additional restructuring charges associated with this initiative and completed the sale of the Brown-Forman Cooperage facility and related assets. While these actions negatively impacted our operating expenses and operating income for the three months and nine months ended January 31, 2026, we benefitted from lower restructuring costs when compared to the same prior-year period. See Note 6 to the Condensed Consolidated Financial Statements for more information.
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On January 13, 2025, our Board of Directors approved a plan to reduce our structural cost base and realign resources toward future sources of growth (Restructuring Initiative). This included reducing our worldwide headcount by approximately 12 % and closing our Louisville-based Brown-Forman Cooperage. Most of these actions were implemented in 2025 and substantially completed during 2026.
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• We delivered operating income of $1.0 billion, a decrease of 10% compared to fiscal 2025. The decrease was primarily due to higher non-cash impairment charges, higher SG&A expenses, and the unfavorable year-over-year Gin Mare earn-out valuation adjustments. These decreases were partially offset by lower restructuring initiative costs compared to the prior year.
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• Operating income declined 9% (-4% organic) with an operating margin decrease of 150 basis points to 28.9%. The operating margin decrease was primarily driven by the decline in gross profit, the impact of the restructuring initiative, and the absence of the prior-year franchise tax refund. These declines were partially offset by the benefit of the substitution drawback claims 2 .
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